Coldwell Banker Intercontinental Affiliates President: Egyptian Real Estate is Key Wealth Generator
Coldwell Banker Intercontinental Affiliates President, Mohammed Abdallah, attributes Egyptian real estate’s current success to strong consumer spending and the diversity of the market while speaking at the Euromoney Egypt Conference.
During the plenary session on Growth, Inflation and the Egyptian Consumer, Abdallah states that “the world economic crisis does affect Egypt in certain respects, however consumer spending still remains strong with the main effect being a change in the way the money is spent. So while there has been visible slow down in luxury and super luxury property markets, more reasonably priced real estate continues to steam ahead and we expect growth rates to be around 30% in 2009.”
Speaking to the media at the conference he goes on to state that “in a country like Egypt where 60% of the population is under the age of 25 there is huge demand for affordable housing and related credit facilities. And with emerging markets being tipped as the main contributors to world economic growth in 2009, investors will be looking at diverse realty markets in countries like Egypt as very attractive homes for their money”
Coldwell Banker Intercontinental Affiliates is the leading full-service real estate provider in the region with sub-franchising rights to 36 countries across the Middle East, Eastern Europe and Central Asia.
For more information contact:
Waseem El Tanahi
COLDWELL BANKER Intercontinental Affiliates
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About Coldwell Banker Intercontinental Affiliates
Since it’s inception in 1906 Coldwell Banker has grown to become one of the leading providers of full-service real estate worldwide. The Coldwell Banker Real Estate Corporation, a subsidiary of Realogy - the largest real estate franchisor in the world - has more than 4500 offices and over 130,000 Sales Associates in 40 countries and territories on six continents. Coldwell Banker Intercontinental Affiliates was formed in 2001 by the MMID Group, Egypt’s leading conglomerate, who operate a diverse array of franchises in Egypt and the Middle East. Since then, the group has succeeded in acquiring the sub-franchising rights for Coldwell Banker and Coldwell Banker Commercial brands in 36 countries across the GCC, North Africa, Levant, Eastern Europe, and Central Asia.